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Profit tax arrears

20,7

20,7

20,9

19,9

25,9

29,2

28,2

26,8

31,2

29,8

28,2

32,9

27,8

Profit tax arrears(deflated)

17,0

16,6

16,5

15,5

20,0

22,4

21,4

20,1

23,4

22,4

21,2

24,7

20,6

Change of the profittax arrears (per cent )


-2,4per cent

-0,8per cent

-5,8per cent

28,8per cent

11,8per cent

-4,6per cent

-5,8per cent

16,4per cent

-4,2per cent

-5,6per cent

16,5per cent

-16,5per cent

Table 8

Tax receipts to the federal budget in 1997
(in Rb bn)


I

II

III

IV

V

VI

VII

VIII

IX

X

XI

XII

Accrued tax receipts

10000

23499

46995

75794

97079

123924

141234

159240

173032

190775

206260

249532

of which: payments of arrears since thebeginning of year

1005

2824

10498

19427

28976

37403

42895

45681

51690

56379

61078

69609

Tax receipts by month

10000

13499

23496

28799

21285

26845

17310

12600

13792

17743

15485

43272

of which: by month payments of arrears

1005

1819

7674

8929

9549

8427

5492

2786

6009

4689

4699

8531

Current payments

8995

11680

15822

19870

11736

18418

11818

9814

7783

13054

10786

34741

Change of current payments rates


29,8per cent

35,5per cent

25,6per cent

-40,9per cent

56,9per cent

-35,8per cent

-17,0per cent

-20,7per cent

67,7per cent

-17,4per cent

222per cent

Current payments in per cent to monthlyGDP

4,5

5,8

7,8

9,7

5,7

8,6

5,3

4,2

3,2

5,4

4,4

13,6

Monthly GDP (Rb trillion)

201

200

204

205

207

215

222

234

245

240

247

255

Decision to reduce quotas on the access tothe oil pipeline for the government export needs and distribution of thesequotas among the enterprises-debtors on condition of their repayment of arrearsto the budget, played a positive role in maintaining the volume of taxreceipts. On July 8 the President of the RF signed a Decree "On MeasuresDesigned to Reduce Arrears of Oil-producing Enterprises on Their Payments tothe Federal Budget and Government Extrabudgetary Funds". That Decree envisageda receipt by oil-producing enterprises of quotas for oil exports through thepipeline system. On September 2, 1997, the Government of the Russian Federationadopted Resolution No.1130 "On Distribution On Additional Volumes of OilTransportation For Export". By that resolution additional capacity in the oilpipeline for export were distributed from 1 October 1997 as part of the totalcapacity in the oil pipeline for export among oil-producing companies inproportion to their aggregate volumes of production. Aforesaid quota increaseon oil exports for the oil-producing enterprises have been taken at the expenseof the intermediaries who exported crude in order to finance federalgovernment's needs. At the same time, additional capacity volumes of oilshipments for export were granted to the oil-producing companies for a fiveyear period independently of the change in the overall capacity volume of crudeexports by those oil-producing enterprises under the guarantees of theoil-producing companies to timely payments in 1997 and repayment of accruedtaxes by 1 January 1998 to the federal budget and state extra-budgetary funds.According to the calculations done by the State Tax Service, that measureallowed to obtain about Rb 16 trillion of accrued and current payments in1997.

On December 8, 1997, the TemporaryExtraordinary Commission set to enforce the taxpayer discipline, took adecision to arrest the property of the Omsk oil-refinery, which is part of theoil company Sibneft, and of Angarsk petrochemical company, which is part ofSidanko, in view of their accrued taxes to the federal budget. According to thedata of the State Tax Service, the debt of the Omsk oil-refinery to the federalbudget constituted Rb 525 bn, and of the Angarsk petrochemical plant--Rb 766bn. The alternative scenario for the solution of that problem envisagedbankruptcy procedure which was disadvantageous to the state because accordingto the acting in 1997 bankruptcy legislation, their debts would have beenfrozen for a year and a half. On December 17 the emergency meeting of theTemporary Extraordinary Commission (VChK) those enterprises were given a chanceto repay debts to the budget. Omsk oil refinery has paid all its arrears beforethe dead line. Angarsk petro-chemical company has not obeyed the VChK decision.By that decision the tax administrations had the right to demand the debtsrepayment from the mother company Sidanko. Further development of the eventsand a possible transfer of that decision on to the other important debtors willserve as an indicator for the availability of political will in the sphere ofthe budget revenue implementation.

Financing of the budget outlays. In the first quarter, there was some reduction in financing ofthe federal budget outlays compared with 1996 which was predetermined by adrastic fall of its revenues. Owing to an improvement of the revenue side ofthe budget in the second quarter of 1997, the government managed to increaseconsiderably the volume of public expenditure (from 7.3 per cent of GDP inJanuary up to 13.4 per cent of GDP in June). The biggest growth was observedwith respect to the "social services" which is explained by the government'swish to honour its obligations on repaying the wage arrears in the budgetsphere.

Inability to fully finance the outlays becamea reason for the budget sequestration. Such suggestion was submitted by thegovernment to the Duma in the form of a draft law on 30 April 1997. In thatdraft the government proposed to cut the budget expenditure by Rb 108 trillionor by 3.96 per cent of forecast GDP (Rb 2,727 bn) because of the budget revenueshortfalls. The idea was to cut some expenditure items by 50 per cent and themost important ones--by 30 per cent. Moreover, the government proposed toreduce the number of "protected" items. However, the Duma refused to enact thedraft bill during its spring session but the Ministry of Finance began tofollow the targets of sequestration in real life.

The budgeted expenditures were executedin the first half-year at the volume of 68 per cent without the sequestration.Real expenditures increased on average by 1per cent of GDP a month duringthe half-year. It resulted in a 30 per cent shortfall in the overall volume ofplanned budgeted expenditures without sequestration. Expenditures and loansminus repayments to the federal budget constituted 14.4 per cent of GDP for thesix months of 1997. Expenditures of the consolidated budget in the sameitem--26.8 per cent of GDP.

In the second half-year, the dynamics of theexecution of the expenditure part of the federal budget was dubbing thedynamics of revenues and was remaining at the stable level of 13-14 per cent ofGDP. Significant increase in expenditures on administration by 0.36 per cent ofGDP should be noted (compared with o.2per cent of GDP in the first half-year)and a reduction in expenditures on the international activities down to 0.31per cent of GDP in December (compared with 0.6-0.7 per cent of GDP in themiddle of the year). During the whole year, the federal budget expenditures (bythe Ministry of Finance methodology) constituted 15.3 per cent ofGDP.

Budget deficit.During the whole of 1997, indicators of the budget deficit surpassed thelegislatively fixed target. For the first quarter of 1997, the federal budgetwas executed with the deficit amounting to Rb 23.3 trillion (by the Ministry ofFinance methodology) or 3.8 per cent of GDP (29.4 per cent of the overall sumof the budget expenditures in the first quarter) when the maximum budgetdeficit was set at 3.5 per cent of GDP (18.01 per cent of the expendituresvolume). The volume of the domestic deficit financing amounted to 1.9 per centof GDP in the first quarter. The volume of the foreign budget deficit financingamounted to the tune of 1.9 per cent of GDP.

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